Netflix adds more subscribers than expected

Netflix stock drops ahead of quarterly earnings report

Netflix stock drops ahead of quarterly earnings report

Netflix added 3.57 million subscribers during the third quarter, more than the 2.3 million additions expected for the quarter. Last quarter, Netflix added 160K domestic subs.

The stock was down $2.31, or 2.3%, to $99.16 a share, giving Netflix a total market value of $43.5 billion.

Netflix's third quarter was aided by its slate of original programming - most visibly, the breakout popularity of Stranger Things.

The amusing thing is: Its subscriber growth doesn't appear to be reignited.

For Q4, management said it expects EPS of $0.13, well above expectations for $0.07, and total streaming sales of $2.344 billion.

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In the third quarter, Netflix added 3.57 million new streaming video subscribers, vs. its forecast for 2.3 million.

The Upside Down helped turn Netflix subscriptions right-side up. Even better, the company said it expects Q4 U.S. user growth to surge to 1.45 million, versus expectations of just 1 million.

Netflix also gained 370,000 new subscribers in the United States and 3.6 million globally, far beyond the company's own guidance of 2.3 million. When the company raised the price for its most popular plan by a dollar to $9.99 a year ago, it made a decision to soften the blow on existing members by "grandfathering" them at their cheaper rate.

Through the first nine months of 2016, NFLX has now added 12 million global members - the exact same growth rate at this time previous year. For viewers, there'll be 1,000 hours of original new shows, which it will spend $6 billion making. The company says it will generate more than 1,000 hours of "premium original programming" next year, up from 600 hours this year. The ownership model lets provides Netflix with "more attractive economics and greater business and creative control", the letter said. The company will continue to look for ways to enter the world's largest consumer market in a direct way, but will settle for selling content licenses to local video services in the meantime.

Netflix has been facing a slowdown in subscription growth in the United States as the market matures and a planned US price hike raised concerns it would not hit its targets.

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